Financial Education and Personal Finance: A Systematic Review of Evidence, Context, and Implications from the Spanish Language Academic Literature in Latin America

Abstract

The growing complexity of financial markets, driven by globalization and digitalization, has increased the need for individuals to make informed financial decisions. In this context, financial education and personal finance have become crucial areas of study. This systematic review aimed to identify and analyze the existing scientific evidence on these topics, determine the countries contributing to the literature, and extract key conclusions and lessons. A comprehensive search was conducted across the Scopus, Scielo, and La Referencia databases using keywords in Spanish. The initial query yielded 97 documents, which were filtered using seven inclusion and exclusion criteria, resulting in a final sample of 19 relevant articles. The reviewed studies highlight that financial education is a key factor in promoting economic well-being, reducing over-indebtedness, supporting entrepreneurship, and enhancing social inclusion. The effectiveness of financial education depends on equitable access to information, the use of digital tools, tailored approaches for diverse populations, and systematic program evaluation. The findings suggest that collaborative efforts between governments, educational institutions, and the financial sector are necessary to develop inclusive and practical financial education strategies, particularly for vulnerable populations. Financial education must be approached as a continuous, adaptive process to effectively respond to evolving economic challenges.

1. Introduction

In today’s context, financial education and personal finance have gained increasing relevance due to the complexity of financial markets and the growing need for informed decision-making. Globalization and digitalization have transformed the economic landscape, presenting both opportunities and challenges for individuals (Mitchell & Lusardi, 2015). Recent research highlights the importance of financial education in enhancing decision-making, reducing debt, and promoting savings (Atkinson & Messy, 2012; Huston, 2010). The COVID-19 pandemic has further exposed the vulnerability of individuals with low financial literacy, underscoring the urgent need to strengthen educational strategies in this domain (Mitra, 2021).

This study focuses specifically on Latin America due to the region’s pronounced financial inclusion gaps, high levels of economic informality, and institutional efforts to improve financial literacy through national strategies. Countries in this region have implemented diverse policies—such as Mexico’s National Strategy for Financial Education and Chile’s financial literacy programs—which make Latin America an important area for comparative analysis. Furthermore, despite cultural and institutional diversity, many Latin American nations share similar socioeconomic challenges (e.g., youth unemployment, access to banking services, and informal labor markets), making cross-country insights relevant and mutually informative.

Historically, financial education and money management were grounded in traditional practices and personal experience, with limited access to financial products (Kaiser & Lusardi, 2024). However, the growing sophistication of financial markets has increased the demand for specialized financial knowledge to help individuals avoid risks and improve their economic well-being (Collins, 2013).

At the international level, the Organisation for Economic Co-operation and Development (OECD) developed the Financial Education Indicator (FEI), which assesses financial knowledge, attitudes, and behaviors across various countries. Within the G20, the average FEI score stands at 60.47%, with France leading at 70.95%, followed by Norway and Canada. Mexico, by contrast, scores 57.62%, ranking 12th and trailing behind countries like Indonesia. These figures reflect the need to enhance financial education in Mexico to improve financial inclusion and overall economic well-being (OECD, 2017).

One of the main obstacles to improving financial education is the increasing complexity of the financial sector. Individuals with limited financial knowledge often struggle to understand and capitalize on available opportunities, which can lead to financial exclusion (Jappelli, 2010; Lo Prete, 2013). Empirical evidence suggests that countries with higher levels of financial literacy tend to experience lower social inequality and greater economic stability (Carpena et al., 2011; Lo Prete, 2013).

The future of financial education is being shaped by digitalization and technology, requiring new skills for managing economic resources (Levitin, 2013). Innovative strategies such as gamification, artificial intelligence, and access to digital educational programs are ushering in a new era of financial literacy (Fernandes et al., 2014; Hung et al., 2009). It is also expected that financial education will be increasingly integrated into school and university curricula, supported by both governmental and private sector initiatives (Owuor & Jagongo, 2023).

Financial inclusion and money management education are essential to reducing economic inequality and promoting social well-being (Zucman, 2019). Financial literacy empowers individuals to manage their income, expenses, savings, and credit, enabling responsible and sustainable financial decision-making (Xiao & Li, 2011). This study aimed to contribute to the academic and practical discourse on improving financial education and its implications for individual and collective economic stability.

Despite increasing global attention, there remains a scarcity of systematic analyses that synthesize Spanish-language empirical research on financial education in Latin America. This review fills a critical gap by focusing on contextually specific studies often overlooked in global syntheses dominated by the English-language literature. By concentrating on this linguistic and regional subset, the study offers localized insights that are vital for tailoring financial education policies in Latin American countries. In doing so, it advances the field by providing a unique, culturally grounded understanding of how financial literacy manifests in diverse sociopolitical and economic environments.

This systematic review seeks to compile and analyze the existing evidence on the relationship between financial education and personal finance. To this end, the PRISMA guidelines (Preferred Reporting Items for Systematic Reviews and Meta-Analyses), which provide a structured protocol to ensure transparency and replicability in evidence synthesis, were used to rigorously select studies indexed in Scopus and Scielo.

In addition to exploring the relationship between financial education and personal finance and identifying the countries contributing to this field, this systematic review pursued several broader objectives. It aimed to synthesize the empirical evidence available in the Spanish-language academic literature from Latin America, while also examining the theoretical frameworks, methodological approaches, and analytical tools employed by the selected studies. Moreover, it sought to assess the quality and consistency of the research, identify common patterns and divergences, and evaluate the practical implications of financial education initiatives across different contexts and populations.

The review also aimed to generate evidence-based recommendations for educational policymakers, financial institutions, and community organizations, as well as to propose directions for future research that address current gaps and expand the regional and thematic scope of the literature. Through this comprehensive approach, the study sought not only to document what has been researched but also to offer critical insights that could inform more inclusive and effective financial education strategies in Latin America.

Accordingly, the review addresses the following guiding questions: What scientific evidence exists on the relationship between financial education and personal finance in Latin America? Which countries have contributed to this field through empirical research? What conceptual and methodological frameworks are used in these studies? What are the main findings and practical lessons reported? What contradictions or limitations emerge from the literature? And how can this accumulated knowledge inform future studies and policy development?

2. Theoretical Framework and Conceptual Scope

To ensure a rigorous and coherent systematic review aligned with the proposed objectives, it was essential to first establish a theoretical framework to guide the selection, organization, and interpretation of the analyzed literature. Accordingly, an integrated conceptual framework was developed based on the key foundations of financial education, financial literacy, financial behavior, and economic well-being—critical categories for understanding the role of financial education in personal and social decision-making.

The relationship between financial education and personal finance is central to understanding how individuals acquire, interpret, and apply knowledge in real-life situations. Financial education not only increases cognitive understanding of economic concepts but also equips individuals with practical tools to manage income, budgeting, savings, investment, and debt. Several studies suggest that improved financial literacy leads to more informed financial behaviors, which in turn contribute to enhanced financial security and long-term well-being (Lusardi & Mitchell, 2014). This interplay highlights the need to examine both knowledge acquisition and behavioral outcomes in a unified framework.

From an international perspective, the OECD (OCDE, 2014) defines financial education as the process by which individuals improve their understanding of financial products, concepts, and risks, developing the skills and confidence needed to make informed decisions and enhance their financial well-being. This definition has been widely adopted by Latin American countries in the design of national strategies, while also being reviewed and expanded by the contemporary academic literature. For instance, in Mexico, the National Financial Education Strategy has been examined in recent empirical studies. It has been reported that higher levels of financial literacy are significantly associated with a greater likelihood of formal retirement planning (Hernández-Mejía & Moreno-García, 2023). Additionally, a close relationship between financial inclusion and financial literacy levels in the Mexican context has been identified (Roa & VIllegas, 2022). In Chile, it has been found that only 47% of the population understood compound interest, and just 18% understood inflation; nonetheless, a positive correlation between financial literacy and retirement planning behavior has been observed (Garabato Moure, 2016). Moreover, strategic policy progress in countries such as Mexico, Chile, and Colombia has been highlighted in a recent systematic review of financial literacy research in Latin America and the Caribbean (Méndez Prado et al., 2022).

Authors such as (Remund, 2010) and (Potrich et al., 2015) propose an analytical between financial literacy—as a basic level of knowledge and understanding of financial concepts—and financial education—as a comprehensive formative process that involves attitudes, habits, and capabilities applied in real-life contexts. This distinction proved useful in coding the approaches of the reviewed studies, particularly those assessing behavioral variables in addition to self-reported knowledge.

The operational framework adopted in this review is the Lusardi and Mitchell model (Lusardi & Mitchell, 2014), widely validated internationally, which measures financial literacy through three domains: understanding compound interest, inflation, and risk diversification. This approach has been replicated and adapted in several Latin American studies, serving as a comparative basis for analyzing the instruments used in the included research.

From a behavioral perspective, the field of behavioral finance was also considered, particularly the contributions of Kahneman (Krämer, 2014) and Thaler (Rajagopalan, 2017), who demonstrate how financial decisions are influenced by cognitive biases, heuristics, and emotional factors—even among individuals with formal financial knowledge. This framework is essential for understanding why access to financial information alone does not always translate into rational and sustainable economic behavior. This perspective was integrated into the analysis of studies including variables such as financial self-confidence, credit use, or savings propensity.

Ajzen’s Theory of Planned Behavior (Ajzen, 2011) was also incorporated to interpret studies evaluating attitudes and perceptions regarding personal financial management. This theory suggests that human behavior is influenced by attitudes toward behavior, subjective norms, and perceived behavioral control—factors observed in research on students, entrepreneurs, and employees.

From a structural standpoint, Sen’s capabilities approach (Sen, 1990) was included, which posits that financial education should be seen not merely as a practical tool but as a means of expanding individuals’ real freedoms. This perspective helped contextualize findings from studies conducted in vulnerable sectors (e.g., rural youth, older adults, women, and informal workers), highlighting the need for equity-sensitive and inclusive educational approaches.

Finally, a critical view of public policy was adopted, drawing on authors such as Willis (Willis, 2008), who argues that some financial education programs may act as mechanisms for shifting responsibility to individuals without challenging the structural conditions that foster financial exclusion. This lens enabled a deeper interpretation of findings from articles discussing the effectiveness, implementation, and evaluation of financial education policies in the region.

This diverse set of approaches allowed the classification of empirical evidence based not only on methodological rigor but also on theoretical coherence. Accordingly, the analysis of selected articles aimed to identify patterns, contradictions, conceptual gaps, and potential directions for future research, offering a comprehensive and critical synthesis of the current state of knowledge in the field of financial education and its relationship with personal finance.

3. Materials and Methods

This study employed a systematic review methodology, strictly adhering to the PRISMA guidelines (Moher et al., 2009; Petticrew & Roberts, 2006). The selection of this approach was based on its ability to offer a comprehensive and transparent analysis of the existing literature, making it a suitable tool for synthesizing previous research, identifying patterns and emerging trends, and highlighting areas for future inquiry in the field of personal finance (Haddaway et al., 2015).

The systematic review was characterized by a structured and detailed analysis of the available evidence related to a clearly defined research question. The process included a critical appraisal of the identified studies, ensuring a rigorous and consistent approach to the selection and evaluation of sources (Siddaway et al., 2019).

The literature search was conducted across two main databases: Scopus and Scielo. Scopus was selected due to its recognized academic credibility and broad coverage in the social sciences and humanities (Codina et al., 2020). However, given the initially limited number of results, the search was expanded to include Scielo (Paker, 2014), a key regional database in Ibero-America with a significant repository of publications in Spanish.

The review was limited to Spanish-language articles for two main reasons. First, the intent was to explore financial education within its original linguistic and cultural context, as Spanish is the predominant language of academic communication in most Latin American countries. This focus enables deeper engagement with region-specific terminology, policy debates, and educational practices that are often underrepresented in the English-language literature. Second, much of the relevant and context-sensitive research on financial education in Latin America is published in local and regional journals not indexed in global databases or available in English. While this linguistic and regional scope ensures contextual relevance, it also introduces limitations, particularly regarding generalizability and the exclusion of potentially valuable English-language or Portuguese-language studies. These constraints are further discussed in Section 6.

The review included studies published in Spanish. To ensure comprehensive coverage of the topic, the following search terms were used in titles, abstracts, and keywords: Finanzas personales (Personal finance), Gestión financiera personal (Personal financial management), Planificación financiera (Financial planning), Educación financiera (Financial education), Bienestar financiero (Financial well-being), Ahorro personal (Personal savings), Inversión personal (Personal investment), and Presupuesto personal (Personal budgeting).

The database searches were performed on two separate dates: 19 February 2025, in Scopus, and 2 March 2025, in Scielo and LA Referencia. Although the initial plan was to conduct the review exclusively in Scopus, the limited number of retrieved records prompted the inclusion of Scielo to broaden the scope and relevance of the selected studies. The searches were carried out using institutional credentials from Universidad César Vallejo (UCV), yielding a total of 63 results (see

Table 1. Code, search, and initial results.

Code	Search	Initial Results
S1	Title-abs-key (“finanzas personales” OR “gestión financiera personal” OR “planificación financiera” OR “educación financiera” OR “bienestar financiero” OR “ahorro personal” OR “inversión personal” OR “presupuesto personal”)	63
S2	Title (Educación Financiera” and “Finanzas Personales” or “Gestión Financiera Personal”)	14
S3	Title (Educación Financiera” and “Finanzas Personales”)	20

).

This methodological approach ensured a structured and transparent selection of the literature, allowing for a thorough and evidence-based review of the topic under study. To assess the methodological quality of the included studies, a structured appraisal was performed based on three criteria: (1) clarity and consistency of research design, (2) validity of instruments used for measuring financial literacy or behavior, and (3) robustness of data analysis methods. Studies that lacked methodological transparency or relied solely on descriptive statistics without justifying their approach were noted. While most studies adopted quantitative cross-sectional designs, only a few utilized multivariate analysis or longitudinal data. This quality assessment informed the weight given to each article in the synthesis, particularly in drawing conclusions and making recommendations.

• Selection Criteria

The following selection criteria were applied:

Criterion 1: Time frame.

A specific time interval was established for the search, covering the period from 2020 to 2025. This delimitation aimed to focus the research on the most relevant years for the topic, considering the most influential factors during that time frame and excluding studies published outside this range. As a result of this temporal criterion, 77 relevant records were identified for analysis. The decision to limit the date range from 2020 to 2025 was based on the need to capture recent developments in financial education, particularly in the post-COVID context where digital tools, behavioral strategies, and policy interventions have evolved rapidly. While it is true that academic publishing delays can result in the late appearance of impactful research, the authors prioritized recency to reflect current trends, policy frameworks, and technological applications in financial literacy.

Criterion 2: Country of origin.

Priority was given to articles whose geographical context focused on Latin American countries, excluding those with a primary focus on other regions. This decision was based on the relevance of personal finance within the Latin American context and the linguistic segmentation of the literature. Based on this geographical selection criterion, 10 records were excluded, reducing the set of relevant articles to 67.

Criterion 3: Language.

Considering the linguistic diversity of Latin America, the search was limited to the predominant language in the region’s scientific communication: Spanish. Based on this language criterion, 2 additional records were excluded, resulting in a total of 59 pertinent articles.

Criterion 4: Document type.

Only original research articles related to personal finance and/or financial education were included. Other types of publications—such as literature reviews, editorials, and letters to the editor—were excluded. This criterion led to the removal of 24 articles, reducing the number of relevant records to 35.

Criterion 5: Open access.

The availability of free access to the preselected articles through Scopus was assessed. However, due to editorial policy restrictions, some studies could not be freely downloaded. Consequently, 13 records were excluded, leaving 22 articles eligible for analysis. The use of an open-access filter was based on practical considerations of accessibility and transparency. Given that many institutions and researchers in Latin America face restrictions in accessing paywalled journals, focusing on open-access sources ensures that the reviewed literature is broadly available for verification, replication, and policy translation. Nonetheless, we recognize that this filter may have excluded high-impact publications that are not freely accessible, which is a limitation we acknowledge and recommend addressing in future research with broader access privileges.

Criterion 6: Duplicates.

A thorough check was conducted to ensure there were no duplicate studies in the final sample, guaranteeing that each included article contributed unique and relevant information to the review. This process confirmed that the 21 selected records were distinct and valid.

Criterion 7: Relevance (full-text review).

Each scientific article was individually evaluated for its relevance to the research question. During this stage, two systematic reviews were identified among the articles. This detailed assessment confirmed that the final 19 records met all previously established selection criteria.

The entire process is summarized in

Table 2. Initial, partial, and final results for each database and in total.

Process	Total	Scopus	Scielo	La Referencia
Initial results	97	63	14	20
Criterion 1: Time frame	20	17	3	0
Partial results	77	46	11	20
Criterion 2: Country of origin	10	9	1	0
Partial results	67	37	10	20
Criterion 3: Language	8	6	2	0
Partial results	59	31	8	20
Criterion 4: Document type	24	5	1	18
Partial results	35	26	7	2
Criterion 5: Open access	13	11	2	0
Partial results	22	15	5	2
Criterion 6: Duplicates	1	0	1	0
Partial results	21	15	4	2
Criterion 7: Relevance (full-text review)	2	2	0	0
Final results	19	13	4	2

. Additionally, Figure 1 presents the PRISMA flow diagram for systematic reviews and meta-analyses (Moher et al., 2009).

4. Results

The nineteen identified records are shown in

Table 3. Citation, title, and journal of the scientific research identified.

Citation	Title	Journal
(Rodríguez Cairo et al., 2024)	Educación financiera con enfoque conductual y mitigación de sesgos en decisiones crediticias (Behavioral-focused financial education and bias mitigation in credit decisions)	Revista Venezolana de Gerencia
(Valenzuela Montoya et al., 2022)	Endeudamiento y educación financiera en estudiantes universitarios (Indebtedness and financial education among university students)	Revista Venezolana de Gerencia
(Merino González, 2023)	Factores que influyen en la educación financiera de los jóvenes de Celaya, Guanajuato, Mexico (Factors influencing financial education among youth in Celaya, Guanajuato, Mexico)	Revista Mexicana de Economía y Finanzas, Nueva Época
(Moreno López & Villarreal Cerquera, 2024)	Educación financiera desde la Teoría del desarrollo humano: un aporte conceptual para la gestión de los ODS (Financial education from the perspective of Human Development Theory: a conceptual contribution to the management of the SDGs)	EuropeanPublic& Social InnovationReview
(Mungaray et al., 2021)	Educación financiera y su efecto en el ingreso en Mexico (Financial education and its effect on income in Mexico)	Revista Latinoamericana de Economía
(Barrera Lievano & Parra Ramirez, 2024)	Educación financiera y servicios de microcrédito en empresas de la ciudad de Bogotá–Colombia (Financial education and microcredit services in companies in Bogotá–Colombia)	Revista Venezola de Gerencia
(Álvarez Avad et al., 2022)	Educación financiera y endeudamiento por uso de las tarjetas de crédito de los clientes de Plaza vea–Perú (Financial education and debt due to the use of credit cards among Plaza Vea customers–Peru)	Sapienza: International Journal of Interdisciplinary Studies
(Aguilar Ham et al., 2024)	Autoeficacia financiera, bienestar financiero y satisfacción laboral de los empleados del sector metalmecánico en Chihuahua, Mexico (Financial self-efficacy, financial well-being, and job satisfaction among metalworking sector employees in Chihuahua, Mexico)	Revista Venezola de Gerencia
(Yambay Hernández et al., 2024)	Bienestar financiero en los consumidores digitales: un enfoque relacional de preferencia marca (Financial well-being among digital consumers: a brand preferenc|e relational approach)	Revista Venezola de Gerencia
(Peñarreta-Quezada et al., 2023)	Variables sociodemográficas y niveles de educación financiera en jóvenes universitarios de Ecuador (Sociodemographic variables and levels of financial education among university students in Ecuador)	Revista Mexicana de Economía y Finanzas
(Martínez Prats, 2023)	Tecnología y su impacto social en la educación financiera (Technology and its social impact on financial education)	Revista internacional de tecnología, ciencia y sociedad
(Montoya Ramos, 2019) S1-41	El papel de los medios en la comunicación de la Política Pública de la Estrategia Nacional de Educación Financiera en Chile (The role of the media in communicating the Public Policy of the National Financial Education Strategy in Chile)	Estudios Sobre el Mensaje Periodistico
(Bozzo & Remeseiro Reguero, 2021)	Hacia un currículo que fortalezca la educación financiera en las carreras de derecho (Towards a curriculum that strengthens financial education in law programs)	Revista pedagógia universitaria y didáctica del derecho
(Molina Hurtado & Ríos Matta, 2024)	Tenderos en la Tunja. Análisis de la gestión financiera personal (Shopkeepers in Tunja: Analysis of personal financial management)	Semestre económico
(García-Santillán, 2022)	Educación financieraen los trabajadores del sector alimentario en Mexico (Financial education among workers in the food sector in Mexico)	Revista mexicana de economia y finanzas
(Reus González et al., 2022)	Efectos del COVID-19 en lasFinanzas personalesen alumnos de pregrado (Effects of COVID-19 on personal finances of undergraduate students)	CONDUCIR. Revista Iberoamericana para la Investigación y el Desarrollo Educativo
(Décaro-Santiago et al., 2021)	La conductafinanciera entre estudiantes universitarios emprendedores (Financial behavior among entrepreneurial university students)	Revista EAN
(Ariza García, 2022)	Alfabetización financiera de los productores de yuca industrial en Colombia (Financial literacy of industrial cassava producers in Colombia)	Panorama económico
(García-Mata, 2021)	Alfabetismo financiero entre millennials en Ciudad Victoria, Tamaulipas, Mexico (Financial literacy among millennials in Ciudad Victoria, Tamaulipas, Mexico)	Estudios gerenciales

. In addition, it indicates the assigned code, title of the scientific article, authors, and name of the journal.

The research presented in Table 2 consistently explores several critical aspects of financial education. A dominant theme is the impact of financial education on various demographics, particularly university students (e.g., Valenzuela Montoya et al., 2022; Peñarreta-Quezada et al., 2023), youth (Merino González, 2023), and specific professional sectors like metalworking employees (Aguilar Ham et al., 2024) or food sector workers (García-Santillán, 2022). This focus underscores a recognition of the importance of financial literacy across different life stages and professions.

Another significant area of inquiry revolves around the relationship between financial education and indebtedness, especially concerning the use of credit cards (Álvarez Avad et al., 2022) and microcredit services (Barrera Lievano & Parra Ramirez, 2024). This highlights a practical concern with how financial knowledge translates into responsible financial behavior and debt management.

Furthermore, several studies explore the broader concept of financial well-being (Aguilar Ham et al., 2024; Yambay Hernández et al., 2024), examining its drivers and implications for different consumer groups, including digital consumers. The table also reveals an interest in behavioral aspects of financial decision-making and bias mitigation (Rodríguez Cairo et al., 2024), suggesting a move beyond purely knowledge-based approaches to financial education. Emerging themes include the social impact of technology on financial education (Martínez Prats, 2023) and the role of public policy and media in financial education strategies (Montoya Ramos, 2019). The impact of external events like COVID-19 on personal finances also features, indicating a responsiveness to contemporary challenges.

The journals in Table 2 predominantly cater to economics, finance, management, and social sciences, with a strong regional presence. The Revista Venezolana de Gerencia stands out as a highly recurring publication venue, indicating its prominence for research originating from and focusing on the region. Similarly, the Revista Mexicana de Economía y Finanzas is frequently cited, underscoring its relevance for financial and economic studies in Mexico and potentially the wider Latin American context.

Other notable journals include Revista Latinoamericana de Economía, European Public & Social Innovation Review, and Sapienza: International Journal of Interdisciplinary Studies, suggesting a mix of regional and broader international outlets. The inclusion of journals like Estudios Sobre el Mensaje Periodistico, Revista pedagogía universitaria y didáctica del derecho, and CONDUCIR. Revista Iberoamericana para la Investigación y el Desarrollo Educativo demonstrates a multidisciplinary approach to financial education research, extending beyond traditional economic and financial disciplines to incorporate areas like communication, pedagogy, and law. This diverse range of journals reflects the interdisciplinary nature of financial education as a field of study.

It is fundamental to specify the country of origin for the experiences detailed in each of the identified scientific articles. This information is crucial for contextualizing the findings and evaluating the applicability of the results in different geographical contexts. In that regard,

Table 4. Citation and country of country of origin for the experiences detailed in each of the identified scientific articles.

Citation	Country
(Rodríguez Cairo et al., 2024)	Peru
(Valenzuela Montoya et al., 2022)	Mexico
(Merino González, 2023)	Mexico
(Moreno López & Villarreal Cerquera, 2024)	Colombia
(Mungaray et al., 2021)	Mexico
(Barrera Lievano & Parra Ramirez, 2024)	Colombia
(Álvarez Avad et al., 2022)	Peru
(Aguilar Ham et al., 2024)	Mexico
(Yambay Hernández et al., 2024)	Ecuador
(Peñarreta-Quezada et al., 2023)	Ecuador
(Martínez Prats, 2023)	Mexico
(Montoya Ramos, 2019)	Chile
(Bozzo & Remeseiro Reguero, 2021)	Chile
(Molina Hurtado & Ríos Matta, 2024)	Colombia
(García-Santillán, 2022)	Mexico
(Reus González et al., 2022)	Mexico
(Décaro-Santiago et al., 2021)	Mexico
(Ariza García, 2022)	Colombia
(García-Mata, 2021)	Mexico

presents this information.

According to Table 4, the identified scientific articles primarily originate from a limited number of countries, which is crucial for contextualizing findings and assessing the applicability of results across diverse regional settings. Of the 19 articles included in this review, the majority, specifically 9 studies (47.4%), originate from Mexico. Colombia is the second most represented country, contributing four articles (21.1%). Peru, Chile, and Ecuador each account for two articles, representing 10.5% of the total. This distribution highlights a predominant focus on experiences from Mexico and Colombia within the selected literature, providing a valuable but geographically concentrated perspective on the phenomena explored.

Although the sample leans heavily toward studies conducted in Mexico and Colombia, this pattern may reflect publication dynamics in regional academic networks and access to indexed Spanish-language sources rather than an actual research monopoly. Notably absent are contributions from Central American countries, the Caribbean, and parts of the Andean region such as Bolivia or Paraguay. Future reviews should intentionally include broader regional coverage by expanding database reach (e.g., Latindex, RedALyC), including Portuguese-language studies from Brazil, and considering the gray literature where appropriate. This would offer a more inclusive and representative view of Latin American financial education efforts.

Finally,

Table 5. Citation, conclusion and lessons learned for the experiences detailed in each of the identified scientific articles.

Citation	Conclusion	Lessons Learned
(Rodríguez Cairo et al., 2024)	Behavioral finance examines how individuals make financial decisions, revealing that these often deviate from the rationality predicted by traditional financial theories. Cognitive and emotional biases play a crucial role in credit decisions, significantly impacting borrowers. While these biases cannot be eliminated, they can be mitigated through effective techniques and financial education. Awareness of credit alternatives and evaluation of pros and cons help improve financial decisions. Financial education with a behavioral focus is fundamental for promoting responsible credit use, making biases and the opportunity cost of over-indebtedness visible. Valuing financial knowledge and skills with a behavioral approach allows for informed and responsible decisions when interacting with financial services, especially when applying for credit.	Highlighting the importance of understanding how psychological factors influence credit decisions. By recognizing our biases, seeking financial education, and applying mitigation techniques, we can make more informed and responsible credit-related decisions. “…starting from an understanding of behavioral finance, it’s possible to identify the cognitive and emotional biases that influence credit decisions, as well as the mechanisms designed to mitigate them…”
(Valenzuela Montoya et al., 2022)	Rural university students view indebtedness as an attractive option, likely because they already have debts. Although a relationship exists between indebtedness and financial education, it is only 6.8%, suggesting other factors might influence students’ financial decisions. The research also highlights the importance of financial education for young people as they will be the consumers of the future. Therefore, it is crucial for educational and governmental institutions to design strategies to improve financial education for students and young people in general, which could have long-term benefits for their economic well-being and that of the country. However, the research also acknowledges a significant limitation: the sample size. Future research is recommended to expand the sample and use other analysis techniques to gain a more complete understanding of the factors influencing youth indebtedness and financial education.	Rural university students consider debt a valuable option, especially for financing their studies, and there is a clear relationship between indebtedness and financial literacy. Given that students will be future drivers of the economy, it is crucial for them to acquire financial education to ensure a better quality of life and economic stability. Higher education institutions (HEIs) and government entities should design educational strategies to train young people and improve their personal and family financial control. The research suggests improving understanding of financial arithmetic, budgeting, savings, loans, insurance, and financial management. However, a limitation is the sample size, so it is recommended to expand it and apply other analysis techniques to evaluate the impact of demographic variables
(Merino González, 2023)	This study in Celaya, Guanajuato, on the financial education of Generation Z youth, found that the mother’s educational level is the main influencing factor. Mothers, traditionally being household administrators, make financial decisions that serve as examples for their children. The results show positive financial behaviors in young people, although with a lack of proper use of financial tools like savings accounts. Training for both young people and mothers in financial education, strengthening mathematical competence, and adapting educational programs are suggested. Expanding the sample and applying diverse analysis techniques are recommendations for future research.	The main lesson to be learned from the conclusion of this research is the need to strengthen financial education for young people, especially regarding positive financial practices and behaviors. The importance of including financial education in curricula from basic education is highlighted, as well as the need to design public policies that involve parents and young people in the development of financial skills.
(Moreno López & Villarreal Cerquera, 2024)	Financial education, historically deficient in undeveloped countries, has gained importance since the proclamation of the Sustainable Development Goals in 2015. However, the traditional banking system has often directed this effort toward its own interests. In contrast, true financial education should dignify individuals and contribute to social well-being and human development. This study’s conceptualization of financial education, aligned with human development theory, supports the management of the SDGs and is expected to serve as a basis for new research that promotes the common good, genuine inclusion, and sustainability.	Financial education, historically relegated in undeveloped countries, has gained urgency following the UN Sustainable Development Goals, although its implementation has been co-opted by the banking system for its own benefit. It is crucial that financial education focuses on human development, dignifying individuals and contributing to social well-being, rather than serving as a tool for the financial system. An approach based on capabilities and human development theory can directly support the SDGs, serving as a basis for future research and promoting the common good, inclusion, and genuine human development.
(Mungaray et al., 2021)	Increasing financial literacy levels in Mexico can generate significant changes in financial knowledge, attitudes, and behaviors and improve social inclusion and well-being. To achieve this, it is essential for the state to provide mechanisms and resources that guarantee the protection of consumer interests and enable individuals to use financial services informedly. Although Mexico has an innovative financial system, much of the population lacks the capacity to benefit from it. Financial education must be comprehensive and accompanied by financial inclusion to improve living conditions. Future studies should disaggregate information regionally and analyze the evolution of financial knowledge and behavior over time.	The main lesson that can be drawn from the conclusion of this article is that financial education is an important factor in increasing people’s income in Mexico. The authors found a positive and significant relationship between the level of financial education and the monthly income of Mexicans. This suggests that investing in financial education can be an effective strategy to improve people’s economic situation and reduce inequality.
(Barrera Lievano & Parra Ramirez, 2024)	Financial education is crucial for individuals to make informed decisions in their personal finances and to prevent the bankruptcy of organizations, regardless of their for-profit nature. In Colombian MSMEs, self-exclusion from the financial system was observed, with the gender and educational level of the manager or owner being relevant for access to microcredits. A high risk is perceived in the use of microfinancial services due to their costs. Future research should explore the correlation between categorical variables and the financial impact of microfinancial services compared with other financial services.	The main lesson that can be drawn from the conclusion of this article is that financial education is a determining factor for people to make conscious decisions in the realm of their personal and business finances. The authors highlight the importance of financial education at both individual and business levels as financial decisions made by managers and owners of MSMEs can have a significant impact on the success or failure of their businesses.
(Álvarez Avad et al., 2022)	The study found a significant, albeit very low positive, correlation between financial education and the level of credit card indebtedness among Plaza Vea customers. As financial education decreases, indebtedness tends to increase. A significant, very low positive correlation was also found between financial skills, financial evaluation processes, financial attitudes, and financial awareness with indebtedness. These results suggest that lower financial education and skills are associated with higher levels of indebtedness.	The main lesson we can learn from this research is the importance of financial literacy. The results suggest that individuals with low financial literacy tend to accrue more credit card debt. This highlights the need for programs and strategies that promote financial education, especially regarding the responsible use of credit products.
(Aguilar Ham et al., 2024)	Job satisfaction in manufacturing companies is crucial for the human talent area due to high labor turnover in Chihuahua. Using a structural equation model, it was found that both financial self-efficacy and financial well-being significantly influence job satisfaction. Self-efficacy contributes to both positive and negative aspects of job satisfaction, while financial well-being only improves positive aspects. It is recommended that human talent areas consider these variables to manage turnover and maintain an optimal level of satisfaction. Future studies should explore these relationships in industries with higher salary levels.	The main lesson we can take from this research is the importance of financial well-being and financial self-efficacy in employee job satisfaction. Companies can implement strategies to improve these aspects in their employees and, in doing so, increase their job satisfaction.
(Yambay Hernández et al., 2024)	To improve the financial well-being of digital consumers in Riobamba, it is crucial to foster financial education and promote responsible consumption habits. Digital platforms and financial institutions can provide tools for better financial management. Additionally, it is necessary to address the culture of conspicuous consumption and promote sustainability. Digital consumer behavior is influenced by financial well-being and a preference for local products, as well as frugality. Brands should consider these characteristics in their marketing strategies and product offerings. Future studies should analyze brand equity strategies and their impact on consumer behavior.	The main lesson we can learn from this research is that financial education should be encouraged and responsible consumption habits promoted to improve consumers’ financial well-being. Both digital platforms and financial institutions can provide tools and resources to help consumers better manage their finances. It is necessary to address the culture of consumption and promote values of sustainability and moderation. Aspects such as national product identity, moral representation of the product, national labor, prices of luxury products or services, financial security, and good performance should be considered. Finally, further research is invited on brand equity strategies as added value, identifying the factors that influence consumer behavior and mind.
(Peñarreta-Quezada et al., 2023)	The study analyzed financial literacy levels and sociodemographic variables in young university students in Ecuador, finding that although they possess a medium level of financial knowledge, they face difficulties in financial behavior and attitude. Factors such as age, field of study, and employment status influence these levels, underscoring the need for specific strategies to strengthen financial education. Collaboration among educational institutions, government, and financial organizations is recommended to develop inclusive theoretical-practical programs. The study presents limitations in representativeness and data reliability, suggesting future research on the evolution of financial education, family influences, the effectiveness of educational programs, and the impact of technology on financial literacy instruction.	This study reveals that young Ecuadorian university students have a medium level of financial literacy, with areas for improvement in behavior and attitude, influenced by sociodemographic variables such as age and employment status. This underscores the need for collaborative educational programs that combine theory and practice. Despite its limitations, the study highlights the importance of delving deeper into the evolution of financial education, family influences, and the impact of technology to design more effective and representative strategies.
(Martínez Prats, 2023)	Education is essential for social development, providing knowledge, values, and skills that enable individuals to contribute to society. The incorporation of technological tools has transformed teaching and facilitated access to information. In this context, financial education is fundamental for forming responsible citizens capable of efficiently managing their resources, reducing the generational gap, and improving economic stability. Technology has significantly impacted education, and its application in financial education is key for people to acquire essential financial management skills, promoting stronger and more sustainable economic development.	The evolution of education, driven by technology, has transformed learning methods. Integrating financial education is crucial to shaping responsible citizens capable of managing their resources. Financial education, both formal and non-formal, reduces the generational gap and improves economic stability, demonstrating that technology applied to financial education is essential for acquiring key financial skills and promoting solid, sustainable economic development.
(Montoya Ramos, 2019)	The lack of an effective communication strategy in financial education in Chile has created a significant gap in citizen inclusion and training. The absence of supervision in the dissemination of public policies and the predominance of market interests over social well-being have limited access to crucial information for informed financial decision-making. The subordination of media to economic interests also prevents financial education from reaching those who need it most. It is fundamental to develop a comprehensive strategy that involves all media and promotes effective financial literacy among the population.	The lack of a comprehensive communication strategy for financial education in Chile, exacerbated by the absence of supervision and the predominance of market interests, creates a gap in financial inclusion and citizen education. To remedy this deficiency, a strategy is required that involves all media and prioritizes social welfare, ensuring access to key information for informed financial decisions and overcoming the subordination of media to economic interests.
(Bozzo & Remeseiro Reguero, 2021)	Financial education is essential for improving consumer behavior and must adapt to the needs of each life stage. It is fundamental to include it in university training as many young people begin accessing financial products. Even law students require this training as their curricula at the Autonomous University of Chile address financial content in a dispersed manner and from a legal perspective, limiting the development of practical competencies. There is clear evidence of the need for more structured training in this area.	Financial education, essential for consumer behavior, must be integrated throughout life, especially in university education, where young people access financial products. Even law students, despite having dispersed financial content in their curriculum, require structured training that develops practical competencies as financial users, demonstrating the need for continuous financial education adapted to each stage of life.
(Molina Hurtado & Ríos Matta, 2024)	The growth in the number of shops in Tunja reflects the sector’s resilience, but shopkeepers face financial challenges due to their low academic training and lack of control tools, such as budgeting, which can lead them to operate at a loss unknowingly. Although their income covers operational costs, profits are insufficient to improve their living conditions, and while they have saving habits, the lack of investment in financial instruments limits the profitability of their resources. Therefore, strengthening their financial education is fundamental to ensuring the sustainability of their businesses and their economic well-being.	The growth of retail trade in Tunja demonstrates the sector’s adaptability but highlights the need to improve store owners’ financial management. The lack of academic training and control tools, such as budgeting, makes effective resource administration difficult, which can lead to undetected losses. Furthermore, although store owners have saving habits, the absence of strategic investments reduces the profitability of their capital and their long-term financial stability. Therefore, promoting financial education is essential as a fundamental pillar to strengthen the sustainability of their businesses and improve their quality of life.
(García-Santillán, 2022)	The results of this empirical study confirm the importance of financial education in the proper management of personal finances. Corporate employees were found to have an acceptable level of financial education, suggesting good management of their resources, partly supported by personal finance training programs implemented by companies. Furthermore, no significant differences were found in financial knowledge between men and women, indicating equity in understanding these topics. Finally, the relevance of continuing to promote financial education programs in the workplace is highlighted as a higher level of knowledge in this area improves decision-making, worker well-being, and productivity, making the participation of both companies and public policy designers fundamental in their implementation.	Financial education is a key factor for proper personal finance management, and its strengthening through training programs in the workplace contributes to improving decision-making and worker well-being. The results indicate that corporate employees have an acceptable level of financial knowledge, with no significant differences between men and women, highlighting equity in this regard. This underscores the importance for both companies and public policy designers to continue promoting financial training strategies as their positive impact not only benefits individuals but also improves productivity and economic stability in the workplace.
(Reus González et al., 2022)	The pandemic significantly impacted the income of undergraduate students at CUAltos of UdeG as most are economically dependent on their parents and their resources were reduced, affecting their expenses and how they manage their personal finances. Although students showed saving habits, these were minimal, and no additional savings were generated as a result of the pandemic. Despite the decrease in income, most did not resort to indebtedness, and their academic performance was not severely affected. Additionally, internet expenses for virtual classes represented a relevant factor in their finances. No significant differences were observed in saving and indebtedness levels due to the pandemic, which underscores the importance of fostering financial education among students to improve their resource management and quality of life.	The pandemic highlighted the economic vulnerability of undergraduate students at CUAltos of UdeG, emphasizing the need for better financial education. Although most were financially dependent on their parents and their incomes were reduced, they managed to maintain saving habits, albeit at minimum levels, and avoided a high level of debt. However, spending on internet for virtual classes represented an additional financial challenge. These findings underscore the importance of strengthening financial education among young people, allowing them to optimize their resources, improve their economic decision-making, and face unforeseen situations with greater stability.
(Décaro-Santiago et al., 2021)	This exploratory research provides empirical evidence on the relationship between financial behavior and entrepreneurship in university students, highlighting that although entrepreneurs show better financial practices, factors still limit their economic well-being. While the results offer valuable information, the study needs to be replicated in other contexts to identify variables with greater incidence in students’ financial behavior. Furthermore, academic and entrepreneurial development spaces can leverage these findings to implement strategies that promote healthier financial habits. Finally, it is suggested to deepen the analysis of specific groups, such as psychology students and entrepreneurs, to better understand their financial behavior and design more effective actions.	The study demonstrates the relationship between financial behavior and entrepreneurship in university students, showing that while entrepreneurs exhibit better financial practices, they still face challenges that affect their economic stability. The findings highlight the need to expand research in different contexts to identify key factors influencing student financial management. Likewise, academic spaces and business promotion programs can use this information to design strategies that promote stronger financial habits. Finally, it is recommended to analyze specific groups, such as psychology students and entrepreneurs, to better understand their financial patterns and develop more effective interventions.
(Ariza García, 2022)	The bioeconomy in Colombia represents a key opportunity for economic diversification, and industrial cassava plays a fundamental role in this process due to its versatility across various industries. In the municipality of Corozal, producers’ proximity to the Almidones de Sucre S.A.S. plant gives them a competitive advantage that can drive their economic development. This study provides relevant information on the financial literacy levels of producers, serving as a basis for future research that promotes financial education and inclusion in the rural sector. Additionally, the findings can contribute to the formulation of complementary projects aligned with public policies and the Sustainable Development Goals, promoting more inclusive and sustainable economic growth.	This study underscores the importance of financial literacy in the rural sector, providing key information for future research and financial inclusion strategies. Furthermore, its findings can serve as a basis for projects aligned with public policies and the Sustainable Development Goals, fostering more equitable and sustainable economic growth.
(García-Mata, 2021)	The study on financial literacy in millennials from Ciudad Victoria, Tamaulipas, allowed for the comparison of different measurement indices, highlighting the Klapper model as the most suitable. The results show a lower level of financial literacy compared with developed economies, with a gender gap favoring men, particularly in quantitative skills. Economic-financial training was identified as a key factor in developing financial competencies and strategic economic decision-making. However, the research presents limitations in the generalization of its findings, which opens the door for future lines of study on the impact of financial literacy on the use of financial services, the best teaching strategies, and the practical application of this knowledge in saving, investment, and retirement planning.	Economic-financial training is crucial for strengthening strategic decision-making in saving, investment, and planning. Furthermore, the study highlights the importance of continuing to investigate the relationship between financial literacy and the use of financial services, as well as the best strategies for its teaching and practical application. These findings underscore the need to implement educational programs that reduce inequalities and foster a stronger financial culture among young people.

presents the conclusions drawn from each article, accompanied by key lessons learned. This is important as it allows for a synthetization of the diverse findings, identifying common themes, best practices, and recurring challenges. It also facilitates the transferability of knowledge by highlighting practical implications and potential future research directions derived from the collective experiences.

5. Discussion

The systematic review of financial education in Latin America between 2020 and 2025 underscores the multidimensional and context-sensitive nature of financial literacy. The results emphasize that financial education cannot be addressed as a one-size-fits-all approach but rather must consider the complex interaction of demographic, socio-economic, cultural, and behavioral factors that shape how individuals engage with financial knowledge and services.

First, the persistent gender gap in financial literacy, observed in studies such as that of millennials in Ciudad Victoria, reflects broader structural inequalities. These gaps, particularly in quantitative skills, indicate that financial literacy programs must consider gender-sensitive strategies and address systemic barriers that limit women’s access to financial knowledge and tools. At the same time, the pivotal role of the family, particularly maternal education, as demonstrated in the case of Celaya, highlights the importance of early financial education within the household. This affirms that financial literacy must begin at home and be reinforced through formal education and lifelong learning opportunities.

Second, the role of behavioral finance reveals that knowledge alone is insufficient for changing financial behaviors. The influence of cognitive biases, emotional responses, and social norms on financial decisions must be addressed through educational programs that go beyond technical instruction. Integrating behavioral insights into financial education can improve outcomes by helping individuals recognize and manage their own biases.

Third, the diversity of institutional and sectoral contexts, from small businesses in Tunja to digital consumers in Riobamba, illustrates the wide range of applications for financial education. Each sector faces distinct challenges and therefore requires tailored strategies. The struggles of micro-entrepreneurs, for example, underscore the need for practical, business-focused financial training that enhances sustainability and financial inclusion.

On a systemic level, the findings indicate a disconnection between innovative financial systems and the population’s ability to use them effectively. This is particularly relevant in Mexico and Colombia, where exclusion from the financial system persists despite technological advancements. Education must therefore be aligned with broader policies of financial inclusion and regulation, ensuring that users can navigate and benefit from financial services responsibly and efficiently.

Despite general consensus on the importance of financial education, several points of contention emerged. Some studies advocate for behaviorally oriented education that accounts for psychological biases (Rodríguez Cairo et al., 2024), while others remain rooted in traditional economic models (García-Santillán, 2022). This reflects a deeper debate: should financial literacy be taught as technical knowledge or as a behavioral adaptation process? Additionally, while financial education is widely promoted as a pathway to empowerment, critical voices argue that it may shift the burden of systemic financial failure onto individuals without addressing structural inequities (Willis, 2008). These tensions highlight the need for financial education to be both pedagogically sound and socially conscious.

While digital technology offers promising tools for expanding access to financial information, its effectiveness depends on the existence of appropriate communication strategies and digital literacy. The Chilean case study shows that the absence of an effective communication plan can undermine the potential of educational initiatives, reinforcing the importance of integrating digital tools with community-based education and public policy.

The review also reveals underlying tensions within the academic discourse. While some studies emphasize the role of formal curricula and policy frameworks, others argue that grassroots, community-driven models are more effective in fostering lasting financial behavior change. Moreover, inconsistencies emerge regarding the impact of financial literacy on behavioral outcomes: in some cases, higher knowledge levels did not translate into responsible credit use or improved savings, highlighting the complex mediation by psychological, cultural, and institutional factors. There is also debate about the responsibility of financial education—whether it should rest on the individual or be seen as a collective, structural endeavor. These points of divergence reflect the multifaceted nature of financial literacy and call for a more pluralistic approach to both research and intervention.

Last, it is acknowledged that the final sample includes studies from only five Latin American countries: Mexico, Colombia, Peru, Chile, and Ecuador. While these countries provide valuable insights into financial education practices in the region, they do not fully represent the institutional, economic, and cultural heterogeneity of Latin America. Mexico and Colombia, for example, are among the largest economies in the region, whereas Ecuador and Peru represent smaller but increasingly relevant cases. As such, the findings should be interpreted with caution when generalizing to the entire Latin American context. Nevertheless, the thematic and methodological diversity of the included studies offers a foundation for comparative insights and suggests directions for expanding future research to other countries in the region.

6. Recommendations

Based on the insights gained from the systematic review, the following recommendations are proposed to guide the development and implementation of effective financial education policies and programs.

6.1. Integrate Financial Education into National Curricula

There is a pressing need for financial education to be incorporated as a mandatory component of national education systems from early childhood through to tertiary education. The reviewed studies have highlighted the existence of curricular gaps in the formal training of youth, particularly among students from non-finance disciplines, where content is fragmented and often lacks practical application (Bozzo & Remeseiro Reguero, 2021). In addition, the family environment, particularly the role of mothers as financial role models, has been shown to significantly influence financial habits and attitudes among Generation Z youth (Merino González, 2023). This underscores the importance of introducing financial education at a young age to complement family-based learning and ensure equity in early financial socialization.

A curriculum that is culturally relevant and aligned with local realities is essential to address socioeconomic diversity across Latin American regions. Teaching methods should emphasize experiential learning, including simulations, problem-solving, budgeting games, and storytelling, to translate abstract concepts into real-life applications. The use of context-specific examples, such as informal labor and local saving strategies, can enhance relevance and engagement. Additionally, teacher training programs must be expanded to equip educators with the pedagogical and financial competencies required to deliver this content effectively.

6.2. Target Vulnerable Populations Through Community-Based Programs

Community-based financial education programs should be designed to specifically target vulnerable and underserved populations such as informal workers, rural youth, women, older adult citizens, and migrants. The reviewed literature indicates that these groups often face significant financial exclusion due to geographic, educational, and socioeconomic barriers (Molina Hurtado & Ríos Matta, 2024; Peñarreta-Quezada et al., 2023). In rural areas of Colombia and Ecuador, for example, financial literacy is limited by a lack of access to information, banking infrastructure, and formal identification documents (Ariza García, 2022).

Mobile literacy centers, radio-based education, and culturally embedded workshops led by community leaders have been identified as effective outreach strategies in similar contexts. Programs should integrate adult learning principles, accommodate low literacy levels, and reflect local cultural and gender norms. Interventions must be co-designed with the community to ensure relevance and build trust. Evidence also suggests that financial education initiatives are most effective when delivered in the context of practical needs (such as managing household expenses, microenterprise development, or accessing remittance services).

Furthermore, public–private partnerships and civil society involvement are crucial in reaching these populations. Local NGOs, microfinance institutions, and cooperatives often serve as trusted intermediaries and can facilitate access to these populations more effectively than centralized state programs.

6.3. Promote Workplace Financial Education

Financial education should also be embedded into workplace training programs, particularly for low- and middle-income employees. Studies conducted among metalworking employees in Mexico (Aguilar Ham et al., 2024) and food sector workers (García-Santillán, 2022) confirm the positive relationship between financial knowledge, self-efficacy, and job satisfaction. Improved financial literacy among workers has been associated with better personal budgeting, lower financial stress, and increased productivity, ultimately benefiting both employees and employers.

Workplace programs can be delivered through periodic workshops, digital platforms, and mentoring sessions. Topics should include retirement planning, debt management, insurance literacy, and emergency savings. Incentives such as financial wellness certifications or recognition awards can increase participation and reinforce behavioral change. Employers should be encouraged—through tax benefits or corporate social responsibility metrics—to institutionalize these programs as part of employee wellness and human capital development.

Moreover, financial education should not be limited to salaried employees. Freelancers, gig workers, and informal traders represent a growing segment of the labor market and face heightened financial insecurity. Tailored programs that address irregular income patterns, taxation, and basic rights are urgently needed for these groups.

6.4. Hold Financial Institutions Accountable for Education

Financial institutions play a critical role in shaping consumer behavior and must be held accountable for promoting financial literacy. The review revealed that many users—especially of credit products—lack the foundational knowledge to make informed financial decisions, leading to cycles of over-indebtedness (Álvarez Avad et al., 2022; Barrera Lievano & Parra Ramirez, 2024). Studies also show that mistrust in financial institutions and self-exclusion are common among low-income populations in Colombia and Peru, driven in part by a lack of transparency and support in customer interactions.

Regulators should require banks and credit providers to develop standardized, accessible educational resources, such as credit cost calculators, loan simulators, budgeting guides, and financial rights handbooks. These tools should be available in multiple languages and literacy levels, including audio and visual formats. Branch staff should be trained in financial empowerment principles and incentivized to guide customers through product selection and risk assessment.

Additionally, financial institutions should be evaluated based on their contributions to financial education as part of their environmental, social, and governance (ESG) or corporate social responsibility (CSR) indicators. Public reporting on education initiatives and outcomes would enhance transparency and motivate meaningful engagement beyond token compliance.

6.5. Strengthen Monitoring and Evaluation Systems

Despite increasing investment in financial education, few programs rigorously evaluate their effectiveness. Several studies emphasized the lack of consistent indicators and the reliance on self-reported knowledge metrics, which may not correlate with actual behavior change (García-Mata, 2021; Valenzuela Montoya et al., 2022). To improve accountability and learning, all financial education interventions must be accompanied by robust monitoring and evaluation (M&E) frameworks.

These frameworks should assess not only knowledge acquisition but also attitudinal shifts, behavioral outcomes, and longer-term economic impacts. Mixed-methods approaches—combining quantitative indicators with qualitative interviews and focus groups—can offer a more comprehensive understanding of program performance. Longitudinal studies are particularly valuable for assessing habit formation, resilience to financial shocks, and intergenerational transmission of financial attitudes.

Digital platforms provide opportunities for real-time data collection and adaptive programming. For example, interactive modules can track user engagement, learning progression, and behavioral intentions, providing rich data for continuous improvement. National financial education strategies should include dedicated funding for independent evaluation and public dissemination of results to promote transparency and cross-institutional learning.

6.6. Leverage Technology Without Exacerbating Inequality

Digital technologies (such as mobile apps, gamified learning platforms, and e-wallet simulations) offer innovative ways to deliver financial education at scale. The literature points to the growing use of digital tools among young and urban populations, particularly in Ecuador and Mexico (Martínez Prats, 2023; Yambay Hernández et al., 2024). However, technological solutions also risk deepening existing inequalities if access to devices, connectivity, and digital literacy is not simultaneously addressed.

Effective programs must therefore combine online and offline modalities, especially in regions with limited infrastructure or high levels of digital exclusion. Hybrid models, including in-person facilitation, printed materials, and community radio, can complement app-based learning. Programs targeting older adults or rural populations should integrate technology gradually, with hands-on training and peer support.

Public investment in broadband access, community tech centers, and low-cost devices is essential to support the equitable rollout of digital financial education. Additionally, developers of educational technology must consider inclusivity in design—using simple interfaces, local dialects, and culturally resonant imagery—to ensure usability by marginalized users.

6.7. Align Financial Education with Broader Development Goals

The role of financial education extends beyond individual competence to collective well-being and thus should be explicitly linked to national development agendas. Research grounded in the human development theory (Moreno López & Villarreal Cerquera, 2024) positions financial education as a mechanism for expanding freedoms, fostering civic engagement, and achieving the Sustainable Development Goals (SDGs). Evidence from Mexico shows that increased financial literacy correlates with improved income, consumption patterns, and social inclusion (Mungaray et al., 2021).

Policymakers should embed financial literacy objectives into strategies for poverty reduction, gender equity, youth employment, and economic formalization. This would require intersectoral coordination between ministries of finance, education, labor, and social protection. For instance, financial education can be integrated into conditional cash transfer programs, entrepreneurship grants, and school-to-work transition schemes.

By positioning financial literacy as a public good and human right, governments can elevate its political visibility and justify sustained investment. Furthermore, aligning financial education with national development goals opens opportunities for international cooperation, donor funding, and regional benchmarking.

6.8. Address Structural Determinants of Financial Exclusion

Finally, the effectiveness of financial education is limited unless accompanied by broader structural reforms that remove systemic barriers to financial inclusion. Several reviewed studies point to issues such as lack of formal identification, geographic distance from banking institutions, discriminatory lending practices, and predatory credit terms (Reus González et al., 2022; Rodríguez Cairo et al., 2024). These constraints disproportionately affect low-income, rural, and marginalized populations.

Policymakers must therefore implement complementary measures, such as simplified know-your-customer (KYC) procedures, expanded rural banking networks, capped interest rates for microloans, and consumer protection laws. Financial education programs should be aligned with these efforts, ensuring that newly acquired knowledge can be applied in safe and accessible environments.

Multi-stakeholder coalitions (including regulators, consumer advocacy groups, fintech developers, and civil society) should be established to coordinate efforts and ensure systemic coherence. These coalitions can also monitor unethical practices, develop inclusive product standards, and promote innovation that prioritizes equity and transparency.

7. Future Research Agenda and Study Limitations

While this systematic review provides important insights into the state of financial education in Latin America, it also reveals significant gaps in current knowledge and practice that warrant further academic exploration. Future research should address the following areas:

Most existing studies rely on cross-sectional designs. There is an urgent need for longitudinal research that tracks individuals over time to assess the long-term impact of financial education on behavior, resilience to economic shocks, and intergenerational financial knowledge transmission.

Financial behavior is shaped by a combination of economic, psychological, sociological, and cultural factors. Future studies should adopt interdisciplinary frameworks that incorporate behavioral economics, cultural studies, gender theory, and educational psychology to better understand how different populations engage with financial concepts.

Given the rise of informal employment and gig work in Latin America, research should explore how financial education can be tailored to the needs of workers with irregular income streams, lack of access to formal credit, and limited social protections.

There is a need for comparative studies that examine how different countries and regions approach financial education, particularly in terms of curriculum design, implementation models, and evaluation strategies. Such studies can provide valuable lessons and foster regional cooperation and policy harmonization.

Further investigation is needed into the role of fintech applications, mobile banking platforms, and social media in disseminating financial information. Research should examine both the opportunities and risks associated with digital financial education, particularly for youth and low-literacy users.

More research is needed on how children acquire financial attitudes and behaviors from parents, schools, and media. Understanding early socialization processes can inform the design of interventions aimed at building financial competence from a young age.

Future studies should seek to include a broader range of Latin American countries. The present review draws primarily from five nations—Mexico, Colombia, Peru, Chile, and Ecuador—which, although informative, do not fully capture the institutional, economic, and cultural heterogeneity of the region. While Mexico and Colombia represent two of the largest economies in Latin America, countries such as Bolivia, Paraguay, Uruguay, or the Central American nations remain underrepresented in empirical financial education research. Including a more geographically diverse set of countries would strengthen the regional applicability of future findings and allow for comparative analyses that reflect the full complexity of financial literacy challenges and policy responses across Latin America.

This review is subject to several limitations that future studies should consider addressing. First, the decision to include only articles published in Spanish and within the 2020–2025 period may have excluded relevant studies published earlier or in English and Portuguese, particularly research from Brazil, a key player in Latin American financial education. While the aim was to reflect the most recent developments in a shared linguistic context, this necessarily restricted the breadth of perspectives considered.

Second, the geographic concentration of the reviewed studies—particularly the dominance of research from Mexico—limits the generalizability of findings across the broader Latin American region. Countries such as Bolivia, Paraguay, Uruguay, and many Caribbean and Central American nations were not represented, either due to lack of indexed publications or exclusion during filtering.

Third, although the review followed PRISMA guidelines and applied multiple inclusion criteria, no formal quality scoring tool (e.g., MMAT or GRADE) was used. While methodological rigor was qualitatively assessed, future reviews should consider applying standardized appraisal tools to ensure comparability and to weigh evidence strength systematically.

Finally, the exclusion of paywalled articles may have led to an underrepresentation of high-impact studies. This limitation was a practical choice to ensure accessibility and transparency, but future research could benefit from institutional support to access a wider range of the literature, including restricted-access journals.

8. Conclusions

This systematic review demonstrates that financial education is a critical but complex driver of economic well-being, inclusion, and social equity. Across Latin America, the evidence suggests that while progress has been made in recognizing the importance of financial literacy, significant disparities remain in both access to and the effectiveness of educational interventions.

The findings reveal that effective financial education must move beyond traditional, one-dimensional approaches. It must be integrated into formal education systems, adapted for different populations, informed by behavioral insights, supported by digital tools, and aligned with public policy goals. Importantly, financial education must be conceived not only as a tool for managing personal finances but as a foundational element of active citizenship and social empowerment.

By embracing an inclusive, context-sensitive, and life-course approach to financial education, policymakers, educators, and financial institutions can help build more resilient, informed, and equitable societies. The integration of financial literacy into national development strategies, coupled with robust evaluation mechanisms and cross-sector collaboration, can ensure that all individuals—regardless of gender, income, or background—have the knowledge and tools they need to navigate an increasingly complex economic world.

As Latin America continues to face the dual challenges of economic uncertainty and social inequality, financial education stands as a vital strategy for promoting sustainable development, reducing vulnerability, and fostering a culture of informed decision-making. The path forward lies not only in expanding access to knowledge but in transforming that knowledge into meaningful, lasting change.